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Cryptocurrencies: Nigeria should not lose an opportunity

For many, the question is not “If” or “when” Cryptocurrency will become the next form of money, but a simply a question of “How”.



cryptocurrency,Nigerians losing millions to crypto Fraud

On Friday, the Central Bank of Nigeria (CBN) issued a circular reminding the Nigerian financial sector and the general public of “risks associated with transactions in cryptocurrency”. The CBN went further to prohibit regulated institutions from dealing in cryptocurrencies and or facilitating payments thereof.

My view is that Nigeria is losing an opportunity.

The CBN is worried about illicit flows of cash and the seeming ability of cryptocurrencies (CC) to travel in and out of Nigeria unannounced and untaxed, that is a valid fear and the same fear has been raised by both Christine Lagard of the IMF and Janet Yellen, the US Secretary of the Treasury, all these central bankers view bitcoin with regulatory suspicion. However, what do they all have in common? They are bankers, who implicitly are defending their turf.

In Thomas Friedman’s book, “The world is flat”, he details how India rode on the back of the Y2K crisis to build, expand and export her budding IT consultancy sector. Y2K was a challenge, India had a solution, she saw her opportunity and took it. The growth of Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, and Tech Mahindra can be linked to that opportunity. When the Indian IT sector offered a Y2K “patch” it exposed the competence of Indian software programmers to the West. The West invested in Indian human resources. Today Amazon has a huge HQ in India, the CEOs of Microsoft, Alphabet are of Indian descent. India saw her opportunity and took it.

READ: Central banks digital currencies pose a threat against the U.S dollar

What about India today? India wants to pass the “Cryptocurrency and Regulation of Official Digital Currency Bill” to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.” This bill will prohibit private cryptocurrencies in India, is Nigeria simply not doing what the tech-heavy India is doing?

No, far from it. In India, the government wants to monopolize cryptocurrency, because they see its huge benefits to the State but its importance also. The cryptocurrency bill in India also allows for “certain exceptions to promote the underlying technology of cryptocurrency and its uses.” In essence, it’s the opposite, India is embracing cryptocurrency, but wants 100% ownership and will still allow private cryptocurrencies under exemptions.

READ: Bitcoin more valuable than any global bank

As regards Cryptocurrencies, the question is not “If” Cryptocurrency will become the next form of money, it’s not even a question of “When”, it’s simply a question of “How”.

The largest bank in the US JP Morgan Chase announced in February 2019 the successful trial of her “JPMCoin” a digital coin. JP Morgan plans to use JPMCoin to transfer international payments between her corporate clients. JPMCoin is based on blockchain tech and thus can be used to track transactions without record keeping.

READ: Why the CBN wielded the big stick on cryptocurrency transactions

What exactly does this mean?

When money is exchanged between different parties over a blockchain it needs a digital currency; thus the 1 JPMCoin simply represents $1 held by JP Morgan Chase bank. When transfers are made they are instantaneous because the blockchain ledged can easily and quickly verify that chain of transaction. So for JP Morgan, it means it can transfer funds any time of the day, instantaneous, at zero cost because it does not need a third party transfer agent.

Keep in mind when Nigeria sells oil, the $ proceeds are placed in the JP Morgan/NNPC/CBN account, with the JPMCoin, Nigeria (CBN) can request daily remittance of sales proceeds and receive them instantaneously, no cost, no delay, no fee. This is what the CBN will enjoy being a customer of JP Morgan.

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READ: Bitcoin will gain 25x and become an inflation hedge


One then wonders why the CBN seeks to deny Nigerian banks the opportunity to deploy that same blockchain technology, create a crypto clearinghouse and facilitate instant international transfers between local and international banks. Would that not boost Remittances?

There will be no need to wire money or hire a department to verify and track payments. Nigerian airlines for instance can send USD to service their planes via GTCoin, and CBN can create an exporters window where instant remittance of export proceeds can flow back in stablecoin cryptocurrency.

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READ: Fear of U.S Financial regulators cripple XRP, tumbles by 61%

This should be a win for Nigeria.

Nigeria is in competition in Africa with Egypt and Kenya as the IT and Innovation hub. Mark Zukerberg of Facebook has been to Yaba, so has Jack Dorsey of Twitter, they both see potential in Nigeria. What if the CBN invited all the FINTECH and Software firms in Nigeria and tasked them to work with the financial sectors to build a cryptocurrency ecosystem for banks, to allow each bank to issue her digital coin. Would that not solve the cash economy? If traders in Alaba can accept ZenithCoin as payment for a TV and see instant verified credit, who will carry cash around? It even eliminates fakes, you cant hack the blockchain.

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Can Nigeria not seek to create a digital currency for ECOWAS, backed by her Foreign Reserves, such a move will instantly make the ECOCoin issued by the CBN as the reserve currency of West Africa, eclipsing the CFA
So why is Nigeria allowing this opportunity to pass? If Nigeria hesitates, Kenyans and Egyptians will fill that void. Nature they say abhors a vacuum

Do follow on @FinPlanKaluAja1



  1. Smiling avocado

    February 9, 2021 at 1:26 pm

    The deeper you read about Bitcoin, the more you find out how it’s going to disrupt Central Banks and governments. Similar to how the printing press took power away from the Catholic Church in controlling what people can read, Bitcoin will take away the power to print money from nation states.

    Bitcoin is a global monetary currency and network, and like you rightly said, banks are defending their own turf but nothing can stop an idea whose time has come. Look at how Jack Mallers’ Strike is going to disrupt the clearing system and put VISA, MasterCard in the rear windows in the coming years. You don’t need banks to send Bitcoin to someone and finality is achieved within an hour, that’s another industry that’s going to be disrupted.

    Church was separated from State in the 16th century, Bitcoin is separating State from Money. So as expected, states will want to ban and control it. All that talk about bitcoin being used for nefarious activities is nonsense. Lagarde herself said that bitcoin is an escape from the system that they control. Nobody controls bitcoin just like no one largely controlled gold back in the 19th century and that was the golden age of human civilization. But with government money that can be printed at will and fractional reserve banking, time is being stolen from you that could be used to do other things. Instead you are hustling and hustling to get money that keeps losing value.

    Iran, Venezuela, Pakistan, China (probably) are all mining Bitcoin – some of the countries that CBN referenced in defending their policy. They can print and try to control things but once people lose faith in the currency, it’s over – like in Weimar Germany, Venezuela, Zimbabwe, Argentina, Lebanon and lots more; human consciousness gives value for a commodity to be used as money.

    This system is doomed to fail (as all fiat currencies have in history) and a time will come when people won’t want anything to do with government money or their own cryptocurrencies when it was their policies that put us in this position in the first place. Their “Great Reset”, “Build Back Better” propaganda won’t work, people’s eyes are opening.

    JPMorganCoin, Ethereum etc are all distractions, I believe the people will choose Bitcoin in the end – as have Tesla and more to come. It’s going to be a very interesting year and disruptive decade ahead – in governments/nations, central banking, education, medicine etc.

  2. Auwal Abubakar Hodi

    February 10, 2021 at 10:59 am

    Perfect and well said. CBN lacks technology. And it’s a shame

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Real estate sector GDP positive in Q4 2020, but still in the woods

The real estate sector like many other sectors of the economy suffers deeply from a dip in macro economic conditions of the country.



Real Estate in Lagos

According to the Q4 and full-year 2020 GDP data released by the National Bureau of Statistics (NBS), real estate sector returned to positive growth of 2.81% y/y in Q4 2020 following six consecutive quarters of negative growth since the last positive growth posted in Q1 2019 (0.93% y/y).

The significant recovery in Q4 2020 reflects the full reopening of the economy as many residential and commercial projects began operations fully following the suspension of activities during the national lockdown. Overall, the real estate GDP FY 2020 contracted by 9.22% y/y which was well below our 2020 estimate of a 13.7% contraction.

The real estate sector like many other sectors of the economy suffers deeply from a dip in macro economic conditions of the country. In 2016, when the economy went into recession, the sector declined by 6.86% compared with the growth of 2.11% recorded in 2015.

READ: Where to buy Real Estate in Lagos in 2021

Subdued activities in the real estate and construction industry had a spillover effect on the cement sector where growth slowed drastically to 5.4% in 2016 from 22.1% in 2015 on the back of weak private sector investments and low government spending.

In 2020, as the pandemic ravaged the economy, the real estate sector was not left behind as the unprecedented crisis elevated vacancy rates in existing commercial properties, reduced average footfalls across retail centres and slowed the completion time of many residential developments and infrastructure projects in the country.

This led to an all-time high of a 21.99% contraction recorded by the real estate sector in Q2 2020. The impact of the restrictive measures put in place during the second quarter was apparent in the financial performance of two key cement players (Dangote Cement and Lafarge) as both top and bottom-line performances were pressured.

READ: How to own your home in 5 years without a mortgage

Looking ahead, we expect growth in the sector to remain weak due to a plethora of factors from high inflationary figures and devaluation which continue to pressure consumer purchasing power to little access to finance which has continued to undermine the demand for housing. Despite efforts geared towards improving mortgage financing or consumer credit, the rate of mortgage financing to housing development in the country remains very low compared to peers in the emerging market.

CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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What does my startup portfolio look like? – by Olumide Soyombo

Olumide Soyombo discusses his flair to invest in some of the most prospective startups in Africa.



I have been privileged to invest in some of the most interesting Startups in Nigeria and other parts of Africa.

This journey started in 2014 and my approach has always been to just do my thing behind the scenes and support the companies I invest in strategically. However, following the Paystack exit, folks have been curious to see what other companies I have backed, so I have finally decided to share.

I believe we have a couple of stars in here and the next couple of years should be interesting. Please support these companies wherever you see them so that my family can eat o…

Gbedu (

Gbedu is a music discovery and streaming service built to dispense the rich sound of Africa. They have created an experience that gives young, upcoming (up and coming) artists the chance to get discovered and earn per stream of their music content.

The startup is connecting Africans to the most extensive catalog g of free localized content, leveraging the power of playlisting, offline, and radio-integration to create new interactions and vast, unique music experience per user locale.

Gbedu is freely accessible to all users and pays every content owner.

Industries: Digital Entertainment, Music Streaming.


2. PiggyVest

Piggyvest is the leading online savings & investment platform in Nigeria, helping individuals manage their finances effectively.

The platform enables users to save small amounts of money frequently with minimal effort. They automate the process of saving tiny amounts daily, weekly, or monthly; and then allow savers, withdraw for free on only set withdrawal dates, thereby practically making saving and investingpossible for users of their platform.

Industries: Financial Services, Banking, FinTech


3. Intelligra

Intelligra is the builder of an open platform created for smartphone financing. The company’s platform offers MNO (mobile network operator) integration and lock technology, proprietary credit scoring algorithms, and device lock solution. The platform also offers an in-store seamless onboarding app and integrates device OEM (Original Equipment Manufacturer), financiers, and mobile network operators, enabling consumers to access affordable smartphones.

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Industries: Financial Services, Mobile Financing.



4. TeamApt

TeamApt is a financial technology company focused on developing Digital Banking, Business Solutions, and Payments Infrastructure. They are rethinking the needs of consumers, businesses, and the financial industry.

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Industries: Fintech, Financial Services


5. VertoFX

VERTO is a complete F.X. and payment marketplace built for business. VERTO helps business operate efficiently on the international stage. The company makes it possible to open a free U.K. business banks account in minutes with the ability to hold up to 39 different currency balances. Additionally, VERTO gives its business users the ability to make or receive payments in foreign currencies and trade those currencies at lucrative rates.

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VERTO provides liquidity and price discovery tools for international businesses. The marketplace provides easy access to exotic and foreign currencies with seamless international online payment services. Mono

Industries: Finance, FinTech, Marketplace


6. Mono

Mono is an API financial technology software designed to become the go-to financial data infrastructure API platform in Africa. The company’s software provides access to financial statements for historical and real-time transactions, balances, bank statements, credit and spending patterns. The platform also make s it possible to initiate direct debit payments and recurring debit. They are enabling users to get an accessible way to check their financial statements and transactions conveniently.


Mono is bringing access to financial accounts across Africa securely and reliably.

Industries: Big Data, Financial Services


7. Spleet

Spleet is a Nigerian-based prop-tech startup that offers its users a subscription-based, living solution. Spleet provides access to Shared/entire living spaces with flexible payment options (Daily, Monthly & Quarterly Subscriptions).

They have built a platform and partner with homeowners who want to earn constant (recurring, monthly, and quarterly subscriptions) revenue and homeowners who wish to earn non-recurring income.

Industries: Real Estate, Property Management, Vacation Rental


8. Migo (Done via a Syndicate)

Migo is a cloud-based platform that allows customers to use loans, make purchases, and withdraw cash without the need for plastic debit/credit cards.

Migo offers a digital Credit-as-a-Service platform to domestic banks, mobile operators, retailers, and payment processors. The platform includes APIs, frameworks, consumer insights tools, and expertise on best practices that enterprise partners can use to build transformative consumer credit services in emerging markets.

Industries: FinTech, Financial Services, Credit


9. LendMe

LendMe is an online consumer loans platform. Users can choose a loan amount in Naira(₦) and set a repayment schedule. The loan limit of the user increases if the user successfully repays loans. The app is available for the Android platform.

Industries: FinTech, Financial Services, Credit.


10. Bitnob

Bitnob simplifies access to the Bitcoin Blockchain Technology for People to create wealth, grow their wealth and even build and provide support for their businesses. It is a cryptocurrency exchange that allows users in the African Region to buy or sell Bitcoins quickly. One key feature of the exchange is that it enables its users to automatically and periodically save in Bitcoins with as little as one dollar.

Industries: FinTech, Financial Services, Cryptocurrency


11. Lemonade.Finance

Lemonade Finance is a startup that makes it easy to send money to Nigeria from Canada within seconds. Their platform, available on Google Play and App Store, offers some of the best exchange rates at any given time. What’s more, transactions on lemonade are free, safe, and secure.

Industries: FinTech, Financial Services.


12. Brass

Brass is a digital bank that provides small and medium businesses with a suite of products and tools to help them grow. Brass provides bank-backed, fully insured current account services to local companies in Nigeria.Brass makes it super easy for every business to get a current account from any device, cut traditional bank fees and help businesses and people save money.

Industries: FinTech, Financial Services.


13. Trove

Trove Finance is a platform that allows you to invest in stock markets around the world for as low as ₦1,000. Troves allows its users to automate their investments by linking a debit card to the Trove App.

Its Investment app aims to make the process of finding and selecting investments — specifically Stocks & Bonds — accessible and approachable for beginners. With Trove, users can find stock from public companies from Nigeria, and the U.S. Users can also easily access various bonds, cryptocurrency assets, and mutual funds.

Industries: FinTech, Financial Services, Cryptocurrency


14. Gradient Boost

The Gradient Boost is an end-to-end platform training, upskilling, and matching data science talent in Africa to companies. This last mile data science upskilling platform enables companies to build a reliable data science, data engineering, and data analytics talent pipeline of the top data talent in Africa.

They take on talent with strong data science fundamentals and upskill them through mentorship from experienced data scientists.

This enables the young talent to gain strong collaborative skills, soft skills and practical experience. Ultimately, these young talents can prove their abilities to companies looking to hire talent.

Industries: Data Science, Training



SEND is a Digital freight Forwarder & Customs Broker for African Businesses. Send ships container and air cargo to Nigeria, managing the entire process — from suppliers in China, U.S. & Europe, to the customs clearance and then delivered to customers.

Send is making it easy for people and businesses to ship across Africa and to the world. Their web app, mobile app, and API are used to request their shipping services. They then pick up, package, and ship items through major couriers/carriers. provides simple yet not-so-available value-added features like tracking and transparent pricing.

Industries: Logistics, Supply Chain Management, Freight Service


16. Gloo

Initially,, a pure-play electronic retailing service dedicated to delivering direct to their clients’ doorsteps, Gloo has now pivoted into the e-procurement space as Gloopro.

Gloopro simplifies purchasing for large enterprises with eProcurement and commerce solutions. As a one-stop platform for large enterprises to optimize the purchasing of material and service inputs not included in their core products or service, Gloopro offers its customers valuable supply-chain visibility.

Additionally, they enable large enterprises to standardize and automate their entire procurement lifecycle across multiple locations with stock reorder level parameterization and budgeting caps.

Industries: Retail, E-Procurement


17. PushCV

PushCV is the largest pool of pre-screened candidates in Africa. PushCV aims to help tackle the unemployment epidemic by providing a platform on which only the best talents are connected to top employers and recruiters.
Push CV is focused on the features that matter most to an employer and hence, the job seeker. Through continued iteration on complex employment problems, they seek to provide continuous improvements to the service that already makes thousands of people find their dream jobs a lot faster, safer, and more seamless.

Industries: Recruiting


18. Bento

Previously, Bento has metamorphosized into more than just a payroll and H.R. platform to help companies in Nigeria manage their employees’ salaries. Today, Bento has expanded beyond pension, healthcare, and taxes to provide a platform for salary earners to manage what they consume and how they consume.

Bento has provided healthcare and salary advance services by partnering with a healthcare provider, Hygeia, and money-lender, Zedvance. Moreover, it aims to do much more, for instance, helping parents pay their children’s tuition monthly and pay rent monthly.

Industries: Financial Services, Employee services


19. Leadspace

Leadspace is an alternative commercial real estate startup aiming to create shared infrastructure for entrepreneurs and founders of small & medium-size businesses.

They provide co-working spaces for entrepreneurs/founders of small and medium businesses, mid-level corporate executives, Independent freelancers, remote workers, and creative artists.

Industries: Co-working


20. PowerCube

Powercube builds clean energy systems that can provide homes with more than 16 hours of power a day with subscriptions as low as N7,000 ($20) monthly. User can control each system with a mobile application that allows them to determine how much power they want to use.

Powercube was started to relieve small homes and businesses from using generators while providing the highest degree of certainty on bills due.

Industries: Clean Energy


21. Accounteer

Accounteer is a cloud accounting platform for small businesses. A business owner can create invoices, track expenses and follow up on their finances with ease. Accounteer integrates with external services like banks, e-invoicing platforms and e-commerce.

Industries: Financial Services, MSME


22. Blackbet

Blackbet is a product-driven Africa sportsbook operator. The company has ambitions to expand and delight the global gaming community by bringing safe, imaginative and innovative sports play to a new generation by simplifying the platform and delighting new customers play-by-play.

Industries: Gambling & Casinos


23. is a free-to-play gaming platform focused on sports fans (hence the name Fantastic). Their platform offers its users an experience similar to sports betting and rewards without requiring any payment.
The sports gaming platform runs on a freemium model that allows users to play for free or buy ₦100 token to access premium games with higher rewards.

All rewards are paid in a digital currency called Fan Coins (F.C.s). These F.C.s are then used in the Fan Shop to purchase various items, including airtime, food, phones, laptops, and get cash back.

Currently, the gaming platform offers a Football Manager, Predict & Win and Sports Quizzes.

Industries: Gaming

Location: Lagos, Nigeria


24. Engage

Engage is a customer messaging platform that helps businesses grow and improve customer retention. It is messaging based on the end user’s journey, preferences, and actions through your business application.

Engage is able to achieve this by segmenting your customers based on their attributes (e.g., gender, location, plan, age) and their actions (e.g., used up data bandwidth, canceled subscription, scheduled an appointment, submitted feedback), and allowing you directly “message” these segments or create automation.

Industries: Artificial Intelligence, Business Development, Messaging


25. Koa

Koa is an app-based platform that helps its users save and grow their money at the tap of a button, making it easier for them to reach their financial goals, starting out from Kenya.

With Koa, users can save for what truly matters to them. Their application helps users break down their goals and save towards them daily, weekly or monthly. Additionally, users with a Koa grow the account, gain interest on the amount they have saved over a set period.

Industries: Finance, Savings, and Mutual Funds


26. Paystack (Exit)

Paystack is a payment platform that enables businesses in Africa to accept payments by anyone, anywhere in the world, from multiple local and global payment channels, including credit cards, debit cards, money transfers, and mobile money.

Additionally, Paystack provides tools to help its business users retain existing customers and acquire new ones.

Industries: Financial Services and Payments



Article culled from Medium

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